United Service Technologies, whose only interest is a stake in Nasdaq-listed UTi Worldwide, has reported a 32% increase in headline earnings per share for the six months to end-July.
<B>Salient figures</B>
United Service Technologies results for the six months to 31 July 2002
Year earlier figures in parentheses:
Income: -R1.82m (R71 000)
Income attributable to associated company: R68.8m (36.42m)
Ordinary profit before tax: R67.05m (R36.68m)
Tax attributable to associated company: R20.48m (R9.12m)
Net income: R46.57m (R27.55m)
HEPS: 85.3c (64.6c)
Current assets: R15.7m (R12.74m)
Current liabilities: R5.6m (R5.75m)
Net cash inflow from operating activities: -R3.4m (R301 000)
Uniserv owns about 36% of UTi, a global supply chain solutions provider.
Uniserv says UTi is beginning to reap the benefits of sales efforts made over the past 12 months and a focus on cost control measures.
"UTi has already realised significant operating improvements through cost reductions and its revenues are now reflecting the investment it has made in developing major customer relationships."
UTi provides logistics services and planning and optimisation solutions that assist clients in designing and implementing systems that improve predictability and visibility and reduce the overall costs of their supply chains.
The Uniserv share was untraded at 2 525c on the JSE early this morning.
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